Suntrust at Barclays Notes

“Thank you. Well, one of those indicators actually is higher rates. As rates move up naturally, it will start to put some people or companies under stress. So higher rates is a little bit of a double-edged sword. It’s clearly going to benefit us, given the fact that we are asset sensitive and we will benefit from higher rates. But that’s an indicator that we’re watching from – we’re watching for.”

Some indicators that would usually point to the cycle turning have been false positives

“Some of the other indicators that we’re looking at actually look like they maybe giving false positives in a couple of instances. We’ve been certainly watching the auto market. We’ve been watching the CRE markets and looking for areas of overbuilding or overheating there. And that has caused us in a couple of instances to be more cautious in certain areas. And again, perversely from the double-edged sword perspective, the effect of both Harvey and Irma may help in all those markets.”